Equity
€223,306 from €2.6m in 2022
Equity fell by 91% in 3 years.
Verhelst Machines
Lifetime
18 annual accounts with figures on one time axis, 28 filings since 1998peak €16.8m (2024)
€15.1m▼ 10.1%
lowest -€1.5m (2025)
-€1.5m▼ €697,374
peak €2.6m (2022)
€223,306▼ 86.8%
€33.2m▼ 6.4%
peak 41.2 FTE (2024)
38.8 FTE▼ 5.8%
Board7 names since 2019
1 directorVerhelst Group BV
Owners6 names in the annual accounts
100%VERHELST GROUP
Documentsfilings and deeds
15-07-202616 days before the deadline
2025financial year
Loss of €1.5m1 statutory auditor appointed, 1 director reappointed 14-10Equity from €1.7m to €223,306Cash from €193,599 to €346,224
Key points
from the 2025 annual accountsLosses
-€2.4m in three years
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Debts
€33.2m 96% of the balance sheet
Financial debts 22%Suppliers 11%Taxes and wages 1%Other 65%
Of this, €15.6m falls due within a year.
Staff
39 employees on 31-12-2025
In 2025, 15 people joined and 15 left. On top of that, 0.9 agency workers worked there on average.
At the same address
20 companies
Position in the sector
-€1.5m
Lower net result than 95% of companies in rental and leasing. Sector median €55,798 · 543 companies.
Checked score
53
Fair
Financially stronger than 19% of small companies in fabricated metal products (NACE 25)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.0% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 748 companies (NACE 25, small).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%
01-2025: 0.9%● unchanged vs 12-2024
02-2025: 0.9%● unchanged vs 01-2025lowest value
03-2025: 0.9%● unchanged vs 02-2025
04-2025: 0.9%● unchanged vs 03-2025
05-2025: 0.9%● unchanged vs 04-2025
06-2025: 0.9%● unchanged vs 05-2025
07-2025: 1.1%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 0.9%▼ -0.2 percentage points vs 07-2025
09-2025: 0.9%● unchanged vs 08-2025
10-2025: 0.9%● unchanged vs 09-2025
11-2025: 1.0%▲ +0.1 percentage points vs 10-2025
12-2025: 1.0%● unchanged vs 11-2025
01-2026: 1.0%● unchanged vs 12-2025
02-2026: 1.0%● unchanged vs 01-2026
03-2026: 1.0%● unchanged vs 02-2026
04-2026: 1.0%● unchanged vs 03-2026
05-2026: 1.0%● unchanged vs 04-2026
06-2026: 1.0%● unchanged vs 05-2026
07-2026: 1.1%▲ +0.1 percentage points vs 06-2026
08-2026: 1.0%▼ -0.1 percentage points vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 1.0%● unchanged vs 09-2026
11-2026: 1.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Equity €223,306 (0.6% of total assets)
Liquidity: current ratio 0.55, cash €346,224
Sector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
Loss of €1.5m, the second in a row (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 25, small). It does better than 3% of them on solvency, 21% on liquidity, 39% on profitability and 14% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,104 companies had the same profile as Verhelst Machines has now. Each dot stands for 3 companies, two years later.
94.2%
were still trading
3.6%
stopped another way
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Verhelst Machines itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,104 companies, not a prediction for Verhelst Machines. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €11,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.55 (0.71 in 2024), below 1. Short-term debt is 45.1% and cash 1% of total assets. 99.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
raises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€1.5m
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 543 sector peers (2025).
NBB · sector comparisonPosition among 543 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 days early
2024
16 days early
2023
16 days early
2022
34 days early
2021
32 days early
2020
17 days early
2019
38 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 24 days before the deadline. In the sector (NACE 77), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 15 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
VG
Verhelst Group BV
Director, Johan Verhelst, since 27-06-2025
- VERHELST GROUP 100%score 89equity €33.3m (2025) · 2025 annual accounts of VERHELST GROUP
Recent changes
Environmental permit refused
Een grond gebruiken, aanleggen of inrichten, Het reliëf van de bodem aanmerkelijk wijzigen, Nieuwbouw of aanleggen · Oostende
1 statutory auditor appointed, 1 director reappointed
Reappointment: Verhelst Group BV · Permanent representative: Johan Verhelst · Appointment: NV Callens Vandelanotte (statutory auditor) · General meeting of 27-06-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0460700510
4 directors resigning
VERHELST JOHAN, RENONG, KODEVCON and RVE CONSULTING · Permanent representatives: Johan Verhelst, DEVROE Dries, DE VLIEGER Koen and VER EECKE Rudi · General meeting of 15-12-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Verhelst Machines Ostend | €15.1m | -4.6% | 0.6% | 38.8 |
| De Rycke Beveren-Kruibeke-Zwijndrecht | €14.2m | 10.8% | 23.7% | 34.3 |
| CONSTRUX RENTAL Harelbeke | €12.3m | 4.7% | 9.5% | 40.4 |
| REAL VERHUUR Sint-Gillis-Waas | €14.6m | 12.4% | 42.1% | 31.9 |
| MEGAMAX Seneffe | €10.9m | -7.6% | 38.0% | 62.9 |
| BENELMAT Gembloux | €12.2m | -7.9% | 36.0% | 40.5 |
| MARCHANDISE Engis | €26.9m | 2.8% | 20.0% | 63.2 |
Grey: the largest companies of the sector (rental and leasing (NACE 77)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Verhelst Machines: rental and leasing activities (NACE 77320). They are comparable in size and age: total assets between €16m and €29m, founded between 1988 and 2002.
Official details
Source: KBO- Status
- Active since 02-06-1997Normal situation
- Registered office
- 21 active companies are registered at this addressSource: KBO register, as of 7 November 2026.
- Activity
- Rental and leasing activitiesNACE 77320and 5 others
- Joint committees
- 149.04Metal trade
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.082.089.4598400 Ostend, since 09-02-2000
- Financial year end
- 31 December
- Peppol
- Reachable since 25-06-2025
Annual accounts 2025
- €34.6m▼ 10.0%
- Employeeson 31-12-2025
- 39=
- Filing
- Filed on 15-07-2026, 16 days before the end of the filing period
Insights on Verhelst Machines
Verhelst Machines has existed since 1997. Turnover grew from €12.4m in 2015 to €15.1m in 2025.
VERHELST GROUP holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Verhelst Machines
- What is the company number of Verhelst Machines?
- The company number of Verhelst Machines is 0460.700.510. The VAT number is the same number with BE in front: BE 0460.700.510.
- Where is Verhelst Machines based?
- The registered office is at Oudenburgsesteenweg 106, 8400 Ostend.Company details
- What does Verhelst Machines do?
- According to the KBO register, the main activity is rental and leasing activities (NACE 77320).
- What is the legal form of Verhelst Machines?
- Verhelst Machines is a public limited company (NV).
- When was Verhelst Machines founded?
- Verhelst Machines was founded on 02-06-1997.
- Is Verhelst Machines still active?
- Yes, Verhelst Machines is an active enterprise in the KBO register.
- How many employees does Verhelst Machines have?
- Verhelst Machines had an average of 38.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Verhelst Machines fall under?
- In its 2025 annual accounts, Verhelst Machines states joint committees 149.04 (Metal trade) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Verhelst Machines?
- The turnover of Verhelst Machines was €15.1m in financial year 2025, according to the filed annual accounts.
- Is Verhelst Machines profitable?
- In financial year 2025, Verhelst Machines made a loss of €1.5m.
- Where can I find the annual accounts of Verhelst Machines?
- Verhelst Machines filed 28 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Verhelst Machines due?
- Verhelst Machines must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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